Pakistan’s Very Own Central Bank is Planning to Ban Crypto

With the recent news of the  Federal Investigation Agency investigating Binance for links to a potential multi-million dollar scam, you’d think that tensions wouldn’t get higher between Pakistan and cryptocurrency. 

Apparently, things might still get worse for crypto as Pakistan’s very own central bank is planning to ban cryptocurrency in the country/

The Central Bank of Pakistan is Banning Crypto

Pakistan’s Central bank the State Bank of Pakistan (SBP) is planning to completely ban cryptocurrency inside Pakistan. This means removing all crypto translations within the country. Just recently, Pakistan’s Sindh High Court stated that they held a meeting to discuss cryptocurrency in the country including topics arguing the legitimacy of crypto like Bitcoin being used in transactions. 

The SBP is urging the council to ban crypto activity in the country as well as levy fines and penalties to crypto exchanges. Aside from this, the SBP is also citing an investigation held by the FIA to its advantage. To give you a quick recap, the FIA is currently investigating a multi-million dollar scam related to crypto. 

Conclusion

The new year isn’t looking too good on cryptocurrency and blockchains especially with what’s happening in Pakistan. A multi-million dollar scam, possible penalties, Binance looking bad, now a major bank pushing to ban all crypto transactions in the country. Now whether or not crypto will get banned in Pakistan depends on the judgment of lawmakers and how much influence cryptocurrency has in the country.

* We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.